Sen. Elizabeth Warren and Rep. James Clyburn announced on Thursday that they will introduce legislation to forgive up to $50,000 of college loan debt for each of about 42 million people.
“The bill would significantly lessen the student debt crisis that is holding back generations of young people, help millions of struggling families obtain financial stability, and would also take meaningful steps to begin to close the racial wealth gap,” read a press release. Warren and Clyburn claim that the bill would help about 95% of student borrowers and cancel debt entirely for about 75% of borrowers.
“Are we going to be a country that only helps the rich and powerful get richer and more powerful,” said Warren, “or a country that invests in its future?”